What is the claim that a policyholder files with an insurer after experiencing a loss referred to as?

• A. Settlement
• B. Claim
• C. Report
• D. Notification

Answer: (B)

The claim that a policyholder files with an insurer after experiencing a loss is specifically referred to as a "claim." This term is used within the insurance industry to denote a formal request made by the insured to the insurer for coverage or compensation for a loss or event that is covered by their insurance policy.

When a policyholder experiences a loss—such as damage to property, an accident, or any other event covered under their policy—they initiate the claims process by submitting this request to their insurer. The insurer then evaluates the claim to determine its validity and the amount of compensation, if applicable.

While the other terms may be related to the claims process in various capacities, none encapsulate the specific action of requesting compensation due to a loss as accurately as "claim." For instance, a notification might refer to informing an insurer about an event, and a report could suggest a more detailed account of the loss rather than the act of seeking recovery from the insurer. Settlement refers to the conclusion of a claim, often involving a negotiated agreement, but does not represent the initial act of filing the claim itself.